Can The Current Oil Price Rally Really Last?

Oil prices have recently experienced a notable surge, marking a shift from their extended stay in bearish territory. A combination of OPEC+ committing to output reductions, a substantial withdrawal from crude oil inventories, and optimism regarding the potential of a soft landing for the global economy appear to be the primary driving forces behind this rally. This optimism, however, appears to ignore the plethora of bearish factors that remain in play in today’s oil market. Over the past six weeks, both Brent and WTI have seen significant…